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VA Loan Limits Extended through 2011 in Colorado

By
Real Estate Technology with Imagine WOW! Digital Marketing Agency

VA Loan Limit Extension

The Department of Veteran Affairs has extended VA loan limits in Colorado through the end of 2011. Many eager homebuyers can breathe a sigh of relief that VA Loan Limits will not be slashed any time soon in counties across Colorado.

Current loan limits were set to expire as of September 30, 2011 and the fear was that we would see a decline just as we saw with the upcoming FHA loan limit changes.

This extension affects all Colorado counties except those listed as “high cost.” What this means to homebuyers in El Paso, Teller, Denver, Pueblo and surrounding counties is that loan limits will remain unchanged through December 31, 2011. For counties outside of the high cost limits, the current allowable loan amount is $417,000.

VA loan limits do vary based on county and there are 7 counties in Colorado that fall into the high cost category. To determine what the VA loan limit is in your county, visit the U.S. Department of Veterans Affairs and view their loan limit guidelines. If your county is not listed, the official VA loan limit is automatically set at $417,000.

VA loan limits are an essential element when it comes to choosing your loan program. In most situations, VA will guarantee up to 25% of the total loan amount. For military personnel in Colorado Springs stationed at Ft. Carson, Schriever, Peterson or the Air force Academy or any other qualifying veteran the opportunity to use your VA eligibility isn't just limited to a loan limit of $417,000.

If the purchase price of the home you are interested in exceeds that amount you can still purchase a home with your VA eligibility. There is a VA Jumbo Loan available that allows you to use your VA benefits when your loan is over the county loan limit.

VA Jumbo Loans work a little differently and will typically require a down payment. The good news is that VA will still guarantee 25% of the county loan limit.

For more information on using your VA eligibility or VA jumbo loans, visit my VA Website VA Mortgage Insider Tips and instantly download the FREE e-book Insider Secrets Mortgage Companies and Loan Officers DON’T want you to know about Veteran Loans.

 

 

VA Loan Limits Extended through 2011 in Colorado was written by Rebekah Radice.

Comments (1)

Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Always good to know what's going on with VA.  I have lots of VA clients here in....VA.

Sep 02, 2011 01:15 PM